COUNCIL COMMUNICATION

 

DATE:

 

10/23/2000

SUBJECT:  FINAL READING OF ORDINANCE 2000-O-257

Amending the City Of Laredo fiscal year 2001 General Fund Budget, Contractual Obligations Fund and establishing the 2000 Certificate of Obligation Fund.  The amendment will draw down $2,415,000 from the General Fund opening balance and appropriate a transfer out of $250,000 to the Contractual Obligations Fund and a transfer out of $2,165,000 to the 2000 Certificate of Obligation Fund.  Amending the Contractual Obligations Fund and 2000 Certificate of Obligation funds as appropriate.

INITIATED BY:

Larry Dovalina, City Manager

Cynthia Collazo, Assistant City Manager                                    

STAFF SOURCE:

Rosario Camarillo-Cabello, Finance Director

Heberto Ramirez, Budget Director

PREVIOUS COUNCIL ACTION:

A reimbursement resolution 2000-R-147 and 2000-R-148 was adopted on October 16, 2000. Public Hearing and Introduction of an Ordinance was held on October 16, 2000.

 

BACKGROUND:

City Council has adopted a list of capital projects for fiscal year 2001.  In order to expedite such projects a temporary draw down of General Fund balance is proposed.  General Fund will be reimbursed once the proceeds from the sale of Certificate of Obligations are received.   The projects to be funded include, the Municipal Court Building,
Various Street Improvements, the Acquisition and Construction of an Inner City Park and the two Fire Department Ambulances.

FINANCIAL:                        

                                                      Annual Budget    Proposed Amendment    Amended Budget                                                                                

                                                          FY 2000-2001                                                 FY 2000-2001

General Fund:

Estimated Opening Balance              $ 11,067,056           $ 2,415,000               $ 8,652,056

Transfer Outs:

   Contractual Obligations Fund                                       250,000                  250,000

   2000 Certificate of Obligation                                    2,165,000               2,165,000

Contractual Obligations Fund:

Transfer In General Fund                                                250,000                  250,000

Ambulance Equipment                                                    250,000                  250,000

2000 Certificate of Obligation:

Transfer In General Fund                                             2,165,000               2,165,000

Municipal Court Construction                                          300,000                  300,000

Shiloh Widening                                                              100,000                  100,000

Santa Maria Reconstruction                                              25,000                    25,000

Jacaman Road                                                             1,000,000               1,000,000

Springfield / Calle Del Norte                                            115,000                  115,000

Cuatro Vientos Road                                                       500,000                  500,000

Bartlett from Hillside to Gale                                            100,000                  100,000

Inner City Park                                                                   25,000                    25,000

RECOMMENDATION:

 

Conduct a final reading and adopt Ordinance 2000-O-257.

 

ORDINANCE 2000-O-257

 

AMENDING THE CITY OF LAREDO FISCAL YEAR 2001 GENERAL FUND BUDGET, CONTRACTUAL OBLIGATIONS FUND AND ESTABLISHING THE 2000 CERTIFICATE OF OBLIGATION FUND.  THE AMENDMENT WILL DRAW DOWN $2,415,000 FROM THE GENERAL FUND OPENING BALANCE AND APPROPRIATE A TRANSFER OUT OF $250,000 TO THE CONTRACTUAL OBLIGATIONS FUND AND A TRANSFER OUT OF $2,165,000 TO THE 2000 CERTIFICATE OF OBLIGATION FUND. AMENDING THE CONTRACTUAL OBLIGATIONS AND 2000 CERTIFICATE OF OBLIGATIONS FUNDS AS APPROPIRATE.

    

           WHEREAS, on September 18, 2000, City Council adopted the fiscal year 2001 annual budget: and

          

           WHEREAS, on October 16, 2000, City Council held a public hearing and introduced this ordinance;

          

           WHEREAS, in order to expedite the construction of certain projects, the proposed budget amendment is hereby proposed;

                                  

           NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAREDO THAT:

 

Section 1:  General Fund is hereby amended as follows:

                                                Annual                                     Amended

                     Budget               Proposed             Budget     

                      FY 00-01             Amendment            FY 00-01

Estimated Fund

  Balance            $ 11,067,056        $ 2,415,000        $ 8,652,056 Expenditures:

 Transfer Out –

  Contractual Obligation     -                250,000              250,000

  2000 Certificate of Obligation            2,165,000           2,165,000

 

Section 2:  Contractual Obligation Fund is hereby amended as follows:

Revenues:

 Transfer In General Fund   -                250,000              250,000          

Expenditures:

 Ambulance Equipment       -                250,000              250,000

 

Section 3: 2000 Certificate of Obligation Fund is hereby created as follows:

Revenues:

 Transfer in General Fund   -                2,165,000          2,165,000 Expenditures:

 Municipal Court Building   -                  300,000            300,000

 Shiloh Widening           -                 100,000            100,000

 Sta. Maria Reconstruction  -                   25,000             25,000

 Jacaman Road               -                1,000,000          1,000,000

 Springfield/Calle del Norte                   115,000            115,000

 Cuatro Vientos Road       -                   500,000            500,000

 Bartlett/Hillside to Gale  -                  100,000            100,000

 Inner City Park           -                   25,000             25,000

                                                               

                    

 

Section 4:  The draw down of General Fund will be reimbursed once the proceeds from a sale of Certificate of Obligations are received.                                                                                                                                                                                  

 

 

PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR ON THIS

THE _______________ DAY OF ________________________, 2000.

                                                    

 

                                                    

_____________________

                                                               

ELIZABETH G. FLORES,

MAYOR

 

 

 

ATTEST:                                    APPROVED AS TO FORM:    

_________________________                                           

GUSTAVO GUEVARA, JR.,                      JAIME L. FLORES

CITY SECRETARY                             CITY ATTORNEY